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Shifting Conditions Could Open Doors for Buyers

  • Mortgage Returns
  • May 7
  • 1 min read

Is it enough to calm market jitters?

• Annual home-price growth has slowed every month this year.1 • Nearly every U.S. market saw cooler home-price growth in April.1 Median sales price dropped YoY in 11 of the 50 most populous U.S. metro areas.*2 • Biggest drop in 19 months *For four weeks ending April 20, 2025 Median sales price of new houses dropped in March.3 • ↓ 1.9% MoM | ↓ 7.5% YoY
Higher inventory is bringing more balance to the market. • 1 in 3 markets is now back above 2017-2019 inventory levels.1 • New listings: ↑ 6.1% YoY*4 • Active Listings: ↑ 13.7% YoY*4 • Months’ Supply: 4.1*4 *For four weeks ending April 27, 2025 Despite these trends, economic uncertainty and rate volatility kept some buyers on the sidelines in April. • Mortgage applications down 4.2% WoW* *Week ending April 25, 2025
But overall conditions are more favorable compared to this time last year. • Purchase applications are up YoY5 • Mortgage rates are down YoY6 Bottom line: Buyers have more options today than they did a year ago, and this could be the ideal time to buy.

Sources:

1. ICE Mortgage Monitor, May 2025.
2. Redfin, “Home Prices Are Falling in 11 of the 50 Most Populous U.S. Metros, the Most in 19 Months,” April 24, 2025.
3. U.S. Census Bureau, HUD, Monthly New Residential Sales, March 2025.
4. Redfin, “Monthly Housing Costs Hit All-Time High Amid Economic Uncertainty, Keeping Buyers on the Sidelines,” May 1, 2025.
5. Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, week ending April 25, 2025.
6. Freddie Mac Primary Mortgage Market Survey, May 1, 2025.

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